It's been a while (15+ years) since I was in that game... but back then, it was $60k for a Phase I and $200k for a Phase II. Phase III and beyond was open-ended.
You don't really make money on Phase I projects, but that's how you get the ball rolling on future work, which can be very lucrative.
You don't really make money on Phase I projects, but that's how you get the ball rolling on future work, which can be very lucrative.